Adobe Affirms Sales Forecast on Steady Demand for Design Software
Adobe Inc. affirmed its annual revenue forecast, signaling it's seeing steady demand for creative design and analytics software despite the uncertain economy. The shares gained about 6% in extended trading.
The company also said it expects to complete its $20 billion purchase of Figma Inc. next year, despite regulatory review in the US, UK and Europe.
Revenue will be about $19.2 billion in fiscal 2023, which began this month. Profit, excluding some items, will be $15.15 to $15.45 a share, the company said Thursday in a statement. The forecast, as well as the sales outlook for Adobe's divisions, was the same as the company's previous guidance given in October. Adobe's forecast doesn't include any contribution from Figma.
“Strong demand for our offerings, industry-leading innovation and track record of top- and bottom-line growth set us up to capture the massive opportunities in 2023 and beyond,” Chief Financial Officer Dan Durn said in the statement.
Adobe, which has dominated the software market for design professionals, is seeking to expand its user base to more casual consumers with its proposed acquisition of Figma, announced in September. The deal would be one of the most-expensive purchases ever of a private software maker.
The company said it also expects European Union regulators will review the deal, according to a transcript of remarks prepared for a conference call later Thursday.
“Overall the regulatory process is proceeding as expected,” David Wadhwani, Adobe's president of digital media, said according to the transcript. “We continue to feel positive about the facts underlying the transaction and expect to receive approval to close the transaction in 2023.”
Despite concerns about the price, the Figma
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